For tax year 2026-27, which assessees may claim the deduction under section 123 of the Income-tax Act, 2025 for the payments and investments listed in Schedule XV, where the default regime under…
Question and options
For tax year 2026-27, which assessees may claim the deduction under section 123 of the Income-tax Act, 2025 for the payments and investments listed in Schedule XV, where the default regime under section 202 does not apply?
An individual, a Hindu undivided family or a firm
An individual, but not a Hindu undivided family
An individual or a Hindu undivided family
Any assessee other than a company
Answer and explanation
Section 123 of the Income-tax Act, 2025, which replaces section 80C of the 1961 Act, allows the deduction, up to ₹1,50,000, only to an individual or a Hindu undivided family. Firms and other non-corporate assessees do not qualify, and an HUF is not excluded.
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